The government’s latest plan to tackle the falling number of people who own their home is to potentially introduce 50-year mortgages.
Reported in the national press over the weekend, the plans also include the ability to pass a mortgage down to your children.
It comes just weeks after Prime Minister Boris Johnson unveiled his plans to undertake a “comprehensive review” of the mortgage market with plans to explore more low-deposit mortgage products, including allowing benefits payments to be used by mortgage lenders during affordability checks and for deposits.
At the time, he said: “Reporting back this Autumn it will look at how we can give our nation of aspiring homeowners better access to low-deposit mortgages, and what our own mortgage industry can learn from counterparts around the world who have all kind of alternative ways of offering finance, managing risk, and unbolting the door to ownership.”
Author: Mark